Millions of over-50s rely on inheritance or downsizing to fund retirement as they enjoy middle age rather than save into pensions

A large proportion of older workers expect to prop up their retirement funds with an inheritance or by downsizing their property as many find it hard to save after 'essential' expenses are covered.

A new report suggests that although workers usually see their income peak in their early fifties, many fail to put that extra income into a pension, mostly because they don't earn enough or they still have to help out their children.